Hello Sudipta,
You can buy using Paypal on eBay.com, eBay.com.hk, eBay.co.uk and eBay.com.au
Of course, you'll have to import the tangible items from abroad if you do so, but there are also many intangible items (if you can get what I mean).
The other way is lengthy but considerable if you dont wanna bypass eBay India- There are a lot of sellers on eBay.in who actually accept payment from Indians through Paypal. Mostly they sell jewellery or stones (shipping worldwide), but its worth giving a try! Try searching with 'Paypal' and keep the 'Search title and description' chkbox ticked.
Regarding the second part of your question, most eBay sellers require a Verified Paypal address before shipping costly items. This is mainly because of Credit-card frauds and to avoid chargebacks. Since you won't be funding your payment through a card but through funds already in your Paypal a/c, you may not need to worry; just explain this to your seller!
NB. You can also fund your Paypal A/c though a Checking-Account in an US Bank (and NOT our INDIAN BANKS) 😞
Do tell me about your first Paypal purchase,
Keep Writing!
digital_das 😉